Richard Tugwell

Together reveals new process for buy-to-let portfolio landlords

Specialist lender Together has issued guidance on its new process for buy-to-let portfolio landlords ahead of the new PRA underwriting changes.

From 29th September, the LTV across a landlord applicant’s portfolio must not exceed 75%, including mortgage-free properties.

Together will apply an overall portfolio interest coverage ratio (ICR) for customers who have had arrears on any mortgage or secured loan in the last 12 months and will also require proof of income if there are secured arrears.

Richard Tugwell (pictured above), intermediary relationship director at Together, said: “As the buy-to-let sector prepares for further changes, it’s likely that we’ll see a move towards specialist lenders like ourselves that can offer the flexibility and personal approach that will be needed in many portfolio landlord cases. 

“Earlier this year, we enhanced our buy-to-let product range and we’ll be continuing to review both our products and processes as the changes come into effect.

“We have a specialist buy-to-let team responsible for underwriting these applications and our roving underwriters and business development managers will provide any additional support that brokers may require.”

The lender has also updated its property schedule document to include details as to whether properties are tenanted and the repayment type of existing mortgages.

There will be two additional questions on its broker portal My Broker Venue to find out how many mortgaged buy-to-let properties the customer currently owns and the length of time the customer has been a landlord.

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